The global smart robots market was valued at US$ 4.85 Bn in 2018 and is expected to reach US$ 12.84 Bn by the end of the forecast period, growing at a CAGR of 21.5% during the period from 2018 to 2023.

Dublin, United States - March 15, 2019 /MarketersMedia/ —

Smart robots are Artificial Intelligence systems that have the ability to learn from its environment with the help of sensors present in them and also improve their capabilities based on that knowledge. The devices can work in collaboration with humans and also learn from their behaviour and work alongside humans.

The major factors driving the growth of the smart robots market are their increasing use in several personal applications such as robotic pets, elderly assistance, and vacuum cleaning, among others. The robots are increasingly being adopted in manufacturing industries, healthcare, automotive, and process industries. Presently, robots are mainly designed to carry out autonomous tasks and also to work along with humans.

However, the high initial investment and increasing prices of these robots are expected to impede the market growth. As the robots are programmed, the chances are there that they can malfunction in case a wrong algorithm is used by them. This factor can discourage the adoption of smart robots and thereby, negatively impact the market.

The smart robots market for electronics application is expected to grow at a higher CAGR as compared to other applications. This growth is mainly fuelled by the fact that smart robots are being increasingly used in the electronics industry for the planning and design stages in the manufacturing process.

Geographically, North America currently has the highest share in the smart robots market. However, the Asia-pacific region is expected to show the highest CAGR, owing to the growing manufacturing and electronics industries in this region.

Service Application (Personal): In Jan 2019, Trifo announces the launch of its new product Ironpie. Ironpie is a smart AI-powered vacuum cleaner. The product has 10 times more cleaning efficiency than competitive products and has better obstacle sensing technologies. The smart home robot also has a multi-sensory system of IRs and SONARS that enable it to function more efficiently than various environments. The product is much cheaper than the other products currently available in the market. The company is also trying to add new features such as integration with Alexa or Google Home, in order to make it an essential smart home robot.

China: In Sept 2017, KUKA to double its production capacity at the company’s Shanghai facility. China accounted for about 35%-38% of the company’s revenue in 2016. The company has doubled its operational capacity and will produce 20,000 robots in 2018. The company is shifting its focus from more mature European markets to China and other countries in the Asia-Pacific region. The company also expects that by 2020, it will generate 50% of its revenue from China.

ABB: In April 2018, ABB to invest € 100 million in a Global Innovation and Training Campus in Austria. The company has invested this money to start a new Global Innovation and Training Campus at its newly acquired B&R Campus (Bernecker + Rainer Industrie-Elektronik GmbH) at Austria. The new campus will develop technologies that can be used for the factory of the future, where production will be done autonomously by cloud-connected machines and smart robots. With this campus that is spread across 35,000 m², the company aims to strengthen its position in the machine and factory automation.

Key Questions Answered in the Report:• What is the market value of the overall market and its segments?• What are the key segments and sub-segments in the market?• Which is the largest sub-segment in each segment in the scope of the study?• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?• What are the attractive segments and geographies to invest in?• What is the market value at the regional and the country level?• Who are the key market players and their key competitors?• Who are the key market players at different stages of the value chain?• What are the strategies for growth adopted by the key players in the market?• How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization?• How financially strong are the key players in the market (on the basis of revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)

TOKYO — President Donald Trump opened a state visit to Japan on Saturday by needling the country over its trade imbalance with the United States. "Maybe that's why you like me so much," he joshed. Trump also promoted the U.S. under his leadership, saying "there's never been a better time" to invest or do business in America, and he urged corporate leaders to come. The president's first event after arriving in Tokyo was a reception with several dozen Japanese and American business leaders at the U.S. ambassador's residence. He said the two countries "are hard at work" negotiating a trade...

TOKYO — The Latest on President Donald Trump's state visit to Japan (all times local): 7 p.m. What stands nearly 5 feet (1.5 meters) tall and weighs between 60 and 70 pounds (27 and 32 kilograms)? It's the much-ballyhooed trophy that President Donald Trump plans to present to the winner of a championship sumo wrestling match in Tokyo on Sunday. The White House says the "President's Cup" is about 54 inches (137 centimeters) tall and weighs 60-70 pounds (27-32 kilograms). Trump arrived in Japan on Saturday on a state visit as the guest of Prime Minister Shinzo Abe, who is...

BEIJING — Stepping up Beijing's propaganda offensive in the tariffs standoff with Washington, Chinese state media on Friday accused the U.S. of seeking to "colonize global business" with moves against Huawei and other Chinese technology companies. There was no word from either side on progress toward resuming talks between the world's two largest economies, though President Donald Trump said he expected to meet with his Chinese counterpart Xi Jinping next month at a G-20 meeting in Japan. Negotiations over how to cut the huge, longstanding U.S. trade deficit with China and resolve complaints over Beijing's methods for acquiring advanced foreign...

BEIJING — The Latest on trade tensions between the U.S. and China (all times local): 6:10 p.m. South Korea says it's discussing security issues regarding its 5G, or fifth generation, cellphone networks with the United States following a report the Trump administration is demanding that Seoul join a "war" against Huawei. South Korea's Foreign Ministry and presidential office did not confirm Friday a report by the Chosun Ilbo newspaper that U.S. officials want Seoul to block a local wireless carrier that uses Huawei equipment for its 5G services from unspecified "sensitive areas." It's unclear whether Seoul would accept potential U.S....

TOKYO — An Olympic official made a guarantee Thursday that will please the heads of world sports federations who are concerned that Tokyo Games organizers might be cutting things they see as "decoration" but federations view as "essential." Many federations fear what happened at the 2016 Rio de Janeiro Olympics , where bankrupt organizers began slashing everywhere a few months before the opening ceremony. They spoke out several weeks ago in meetings in Australia, with one federation head saying she feared the "cheap" look from Rio. "The expectations are extremely high and what we have to do now is make...